Must-Read: A huge amount of the past half century’s international macro is implicit in or an immediate consequence of elementary extensions of Dornbusch’s “Expectations and Exchange Rate Dynamics”: Paul Krugman: The Transfer Problem and Tax Incidence: “I’ve spent three decades pointing out the fallacy of the doctrine of immaculate transfer… …the notion that international flows … Continue reading Must-Read: Paul Krugman: The Transfer Problem and Tax Incidence